Here’s your monthly glimpse at what’s going on in the world of tax with the Monthly Tax Memo.
In today’s newsletter:
Tax Season has begun!
Beneficial Ownership Information (BOI) fraud alert
News from D.C.
Tax Season has begun!
The Internal Revenue Service announced that Monday, Jan. 29, 2024 was the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The business tax return e-filing season officially opened on Tuesday, 1/16/24.
Are you ready for tax season? Have you...
Sent out client tax organizers and engagement letters?
Updated your tax software and reviewed tax return pricing?
Communicated with clients about your firm’s deadlines, price adjustments, and changes to firm policies?
BOI fraud alert
As the Financial Crimes Enforcement Network (FinCEN) opens its beneficial ownership information (BOI) reporting portal, its BOI webpage, contains a fraud alert for individuals and entities who may be subject to beneficial ownership information (BOI) reporting.
According to FinCEN's fraud alert, individuals and entities that may be subject to the beneficial ownership information (BOI) reporting requirements have received fraudulent correspondence, via email or traditional mail, that appears to come from FinCEN.
This fraudulent correspondence may be titled "Important Compliance Notice" and ask the recipient to click on a URL or to scan a QR code. Such e-mails or letters are fraudulent, per the alert.
News from D.C.
“New client” scam aimed at tax professionals: The IRS issued IR-2024-05 on January 9th, to alert tax professionals to watch out for a new round of filing season-related email schemes where cybercriminals pose as potential clients seeking help with their taxes, using emails to try obtaining sensitive information or gain access to tax professionals' client data.
Pandemic penalty relief: In IR-2023-244, the IRS announced $1 billion in penalty relief for taxpayers that were not sent automated collection reminder notices during the COVID pandemic. Eligible taxpayers include individuals, businesses, trusts, estates, and tax-exempt organizations that:
Filed income tax returns for tax years 2020 and/or 2021,
Had an assessed tax of less than $100,000, and
Were in the IRS collection process or were issued an initial balance due notice between 2/5/22 and 12/7/23.
We have a podcast!
Want more tax updates and accounting insights? Tune in every other week to Federal Tax Updates! Hosts Roger Harris, EA and Annie Schwab, CPA help you keep up-to-date with the latest federal tax information while earning approved CPE and CE credits.
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